One Difference Between Mediation and Arbitration Is That

question 36

Multiple Choice

One difference between mediation and arbitration is that

• A) arbitration occurs in a court of law; mediation does not.
• B) arbitration is compulsory; mediation is not.
• C) the recommendation of the arbitrator is binding; the recommendation of the mediator is not.
• D) mediation is compulsory; arbitration is not.
• E) the recommendation of the mediator is binding; the recommendation of the arbitrator is not.

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Definitions:

Natural Rate

Refers to the level of economic output or unemployment that is consistent with stable inflation, not influenced by short-term fluctuations.

Money Supply Growth

An increase in the total amount of money in circulation or in the economy, which can affect inflation rates, interest rates, and economic growth.

Phillips Curve

A concept in economics illustrating an inverse relationship between the rate of unemployment and the rate of inflation within an economy.

Sticky-wage Theory

The sticky-wage theory suggests that wages respond slowly to changes in the economy, which can lead to unemployment or labor market imbalances.